The Rent Control Authority of Chicago Has Found That Total

question 97

Multiple Choice

The Rent Control Authority of Chicago has found that total market demand for single occupancy apartments is Qd = 400,000 − 250 P. The Authority also noted that supply is given by Qs = 200,000 + 250P. Price of an apartment is measured in hundreds of dollars and quantity is measured in thousands of apartments. Suppose the Authority decides to impose a rent control of $300 per single-occupant apartment, how many people will be unable to find an apartment at that price?

• A) 325,000
• B) 300,000
• C) 50,000
• D) 275,000

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Definitions:

Costs

Expenses or resources required for the execution of an activity or the production of goods and services.

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A field within psychology focused on understanding individuals within their social contexts and addressing societal issues to improve community well-being.

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A condition of good health where a person understands their own capabilities, manages daily stress effectively, contributes positively to society, and maintains productive work.

Intersectionality

A framework for understanding how aspects of a person's social and political identities (gender, race, class, sexuality, etc.) combine to create different modes of discrimination and privilege.